International Container Terminal Services Inc. (ICTSI) posted a 25 percent increase in recurring net income to $604.69 million in the first half of 2026, driven by higher cargo volumes, new terminal contributions and stronger revenues across its global operations.

The port operator’s revenue from port operations reached $1.92 billion, up 27 percent from $1.51 billion in the same period last year, while earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 24 percent to $1.23 billion.

ICTSI handled 8.12 million twenty-foot equivalent units (TEUs) during the six-month period, 16 percent higher than the 6.99 million TEUs recorded a year earlier.

ICTSI Chairman and President Enrique K. Razon Jr. said the company’s performance reflected the strength of its diversified global terminal network despite challenges affecting some markets.

“ICTSI delivered a strong first half, with double-digit growth in volumes, revenues and earnings supported by contributions from recently added terminals and stable performance across our existing portfolio,” Razon said.

“Despite a more challenging operating backdrop in some markets during the period, our diversified footprint continued to provide resilience and support strong financial and operational performance,” he added.

The company attributed volume growth largely to the contribution of two new facilities: Durban Gateway Terminal in South Africa, which began port operations in January 2026, and Batu Ampar Container Terminal in Indonesia, which started operations in September 2025.

ICTSI also benefited from improved trade activity in Asia and the Americas, although these gains were partly offset by weaker volumes in the Europe, Middle East and Africa region due to geopolitical tensions and the deconsolidation of Yantai International Container Terminal in China.

Excluding the impact of new and discontinued operations, ICTSI said its consolidated volume would have still increased by 1 percent.

The company’s revenue growth was supported by higher container volumes, favorable cargo mix, increased ancillary services, tariff adjustments and foreign exchange gains from several markets.

ICTSI reported that cash operating expenses rose 39 percent to $529.34 million due to costs from new terminal operations, higher fuel prices caused by geopolitical disruptions, salary adjustments and foreign exchange movements.

Despite higher expenses, the company said continued cost management initiatives helped maintain profitability. Excluding new and discontinued operations, cash operating expenses would have increased by 17 percent.

Razon said ICTSI remains focused on expanding its terminal network, improving service capacity and maintaining financial discipline to support long-term growth.

“We remain focused on executing our expansion programme, integrating new operations, and maintaining financial discipline across the business,” Razon said.

“We continue to invest to strengthen capacity and service levels across our portfolio while supporting sustainable long-term growth. I would like to thank our employees around the world for their continued commitment and contribution,” he added.

ICTSI spent $320.05 million in capital expenditures during the first half of 2026, with full-year investments expected to reach $740 million.

The planned capital spending will support terminal expansions, equipment upgrades and maintenance projects, including developments at the Manila International Container Terminal, Manila North Harbour Port, Mindanao Container Terminal and South Luzon Container Terminal in the Philippines.

Other expansion projects are also underway in Mexico, Brazil, Australia, Ecuador, Honduras and the Democratic Republic of Congo as ICTSI continues to grow its global port network.